Government backed online only banks launched in Australia, targeting mobile phone users

Competition in the banking sector took a big leap forward this week in Australia, with the launch of a number of online - mobile only platform, also called "neobanks".

These financial organisations are backed by the government just like the big four but have no physical branches. So how will the traditional banks react and will Australians warm to them?

Click on the link below to read the news summary in Nepali language.